Road to Depression

When will the Euro Zone collapse?

BRUSSELS, Belgium - May 31, 2010 - Václav Klaus, president of the Czech Republic, has never been too worried about upsetting his European Union partners. He risks doing so again with a piece just written for the libertarian Cato Institute’s Center for Global Liberty & Prosperity, provocatively entitled, “When Will the Euro Zone Collapse?”

His main c

Road to Depression

Greece urged to give up euro!

ATEHNS, Greece - May 30, 2010 - The Greek government has been advised by British economists to leave the euro and default on its €300 billion (£255 billion) debt to save its economy.

The Centre for Economics and Business Research (CEBR), a London-based consultancy, has warned Greek ministers they will be unable to escape their debt trap without devaluing their own curren

Road to Depression

Economic rebound slowed last quarter!

WASHINGTON - May 27, 2010 - The economic rebound last quarter turned out to be slower than first thought, one of the reasons unemployment is likely to stay high this year.

The economy grew at a 3% annual rate from January to March, the Commerce Department said Thursday. That was slightly weaker than an initial estimate of 3.2 percent a month ago. The new reading, based on more comp

Road to Depression

Jobless claims drop to 460,000 last week!

WASHINGTON - May 27, 2010 - The number of newly laid off workers filing claims for unemployment benefits dropped last week but the level still remained higher than expected, indicating only modest improvements in the job market.

Applications for unemployment benefits fell by 14,000 to 460,000 last week, the Labor Department reported Thursday. Analysts had expected the level would f

Road to Depression

More U.S. cities on brink of bankruptcy!

HARRISBURG, Pennsylvania - May 26, 2010 - The possibility of a bankruptcy filing by the city of Harrisburg, Pennsylvvania, the state capital, looms large these days - and it could be the first in a series, say some Wall Street traders.

Harrisburg, population 55,000, owes nearly $70 million in debt payments this year, and it's unclear where that money will come from.

Ha

Road to Depression

National debt soars past $13 trillion!

NEW YORK - May 26, 2010 - The U.S. national debt has passed the $13 trillion mark, according to USDebtClock.org, an independent website that tracks the real-time growth of U.S. revenues and spending.

On Tuesday, the national debt stood at $12,995,779,490,444.52, according to the Treasury Department's national debt-tracking website TreasuryDirect.gov.

The Treasury Depar

Road to Depression

AMBROSE EVANS-PRITCHARD: U.S. money supply plunges at 1930s pace; Obama eyes new stimulus!

By Ambrose Evans-Pritchard

LONDON, England - May 26, 2010 - The M3 money supply in the United States is contracting at an accelerating rate that now matches the average decline seen from 1929 to 1933, despite near zero interest rates and the biggest fiscal blitz in history.

The M3 figures - which include broad range of bank accounts and are tracked by British and Europ